UNITED STATES
|
SECURITIES AND EXCHANGE COMMISSION
|
Washington, D.C. 20549
|
FORM 10-Q
|
(Mark One)
|
[X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended March 31, 2016
|
OR
|
[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from
|
to
|
Commission file number: 000-52694
|
QUAINT OAK BANCORP, INC.
|
(Exact Name of Registrant as Specified in Its Charter)
|
Pennsylvania
|
35-2293957
|
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S. Employer Identification No.)
|
|
501 Knowles Avenue, Southampton, Pennsylvania 18966
|
(Address of Principal Executive Offices)
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(215) 364-4059
|
(Registrant's Telephone Number, Including Area Code)
|
Not applicable
|
(Former name, former address and former fiscal year, if changed since last report)
|
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
|
|
[X] Yes
|
[ ] No
|
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
|
|
[X] Yes
|
[ ] No
|
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer
|
[ ]
|
Accelerated filer
|
[ ]
|
|
Non-accelerated filer
|
[ ]
|
Smaller reporting company
|
[X]
|
|
(Do not check if a smaller reporting company)
|
||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
|
||||
[ ] Yes
|
[X] No
|
|||
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: As of May 12, 2016, 1,862,868 shares of the Registrant's common stock were issued and outstanding.
|
PART I - FINANCIAL INFORMATION
|
Page
|
Item 1 - Financial Statements
|
|
Consolidated Balance Sheets as of March 31, 2016 and
December 31, 2015 (Unaudited)
|
1
|
Consolidated Statements of Income for the Three Months Ended
March 31, 2016 and 2015 (Unaudited)
|
2
|
Consolidated Statements of Comprehensive Income for the Three
Months Ended March 31, 2016 and 2015 (Unaudited)
|
3
|
Consolidated Statement of Stockholders' Equity for the Three Months
Ended March 31, 2016 (Unaudited)
|
4
|
Consolidated Statements of Cash Flows for the Three Months
Ended March 31, 2016 and 2015 (Unaudited)
|
5
|
Notes to Unaudited Consolidated Financial Statements
|
6
|
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
|
32
|
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
|
40
|
Item 4 - Controls and Procedures
|
40
|
PART II - OTHER INFORMATION
|
|
Item 1 - Legal Proceedings
|
41
|
Item 1A - Risk Factors
|
41
|
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
|
41
|
Item 3 - Defaults Upon Senior Securities
|
42
|
Item 4 - Mine Safety Disclosures
|
42
|
Item 5 - Other Information
|
42
|
Item 6 - Exhibits
|
42
|
SIGNATURES
|
ITEM 1. FINANCIAL STATEMENTS
|
Quaint Oak Bancorp, Inc.
|
Consolidated Balance Sheets (Unaudited)
|
At March 31,
|
At December 31,
|
|||||||||
2016
|
2015
|
|||||||||
Assets
|
(In thousands, except share data)
|
|||||||||
Due from banks, non-interest-bearing
|
$
|
40
|
$
|
43
|
||||||
Due from banks, interest-bearing
|
14,004
|
17,163
|
||||||||
Cash and cash equivalents
|
14,044
|
17,206
|
||||||||
Investment in interest-earning time deposits
|
6,146
|
6,136
|
||||||||
Investment securities available for sale
|
4,995
|
3,005
|
||||||||
Loans held for sale
|
2,718
|
5,064
|
||||||||
Loans receivable, net of allowance for loan losses
|
||||||||||
|
(2016 $1,358; 2015 $1,313)
|
|
150,125
|
143,305
|
||||||
Accrued interest receivable
|
1,025
|
983
|
||||||||
Investment in Federal Home Loan Bank stock, at cost
|
618
|
618
|
||||||||
Bank-owned life insurance
|
3,660
|
3,638
|
||||||||
Premises and equipment, net
|
1,798
|
1,834
|
||||||||
Other real estate owned
|
1,384
|
1,410
|
||||||||
Prepaid expenses and other assets
|
1,010
|
969
|
||||||||
Total Assets
|
$
|
187,523
|
$
|
184,168
|
||||||
Liabilities and Stockholders' Equity
|
||||||||||
Liabilities
|
||||||||||
Deposits:
|
||||||||||
Non-interest bearing
|
$
|
2,871
|
$
|
2,407
|
||||||
Interest-bearing
|
149,801
|
146,822
|
||||||||
Total deposits
|
152,672
|
149,229
|
||||||||
Federal Home Loan Bank short-term borrowings
|
6,000
|
6,000
|
||||||||
Federal Home Loan Bank long-term borrowings
|
7,500
|
7,500
|
||||||||
Accrued interest payable
|
122
|
123
|
||||||||
Advances from borrowers for taxes and insurance
|
1,192
|
1,859
|
||||||||
Accrued expenses and other liabilities
|
658
|
421
|
||||||||
Total Liabilities
|
168,144
|
165,132
|
||||||||
Stockholders' Equity
|
||||||||||
Preferred stock – $0.01 par value, 1,000,000 shares
authorized; none issued or outstanding
|
-
|
-
|
||||||||
Common stock – $0.01 par value; 9,000,000 shares
|
||||||||||
authorized; 2,777,250 issued; 1,855,513 and 1,841,475
outstanding at March 31, 2016 and December 31, 2015, respectively
|
28
|
28
|
||||||||
Additional paid-in capital
|
14,080
|
14,013
|
||||||||
Treasury stock, at cost: 2016 921,737 shares; 2015 935,775 shares
|
(4,787
|
)
|
(4,859
|
)
|
||||||
Unallocated common stock held by: | ||||||||||
Employee Stock Ownership Plan (ESOP)
|
(371
|
)
|
(387
|
)
|
||||||
Recognition & Retention Plan Trust (RRP)
|
(70
|
)
|
(70
|
)
|
||||||
Accumulated other comprehensive income (loss)
|
6
|
(12
|
)
|
|||||||
Retained earnings
|
10,493
|
10,323
|
||||||||
Total Stockholders' Equity
|
19,379
|
19,036
|
||||||||
Total Liabilities and Stockholders' Equity
|
$
|
187,523
|
$
|
184,168
|
Quaint Oak Bancorp, Inc.
|
Consolidated Statements of Income (Unaudited)
|
For the Three Months Ended
March 31,
|
||||||||
2016 | 2015 | |||||||
(In thousands, except share data) | ||||||||
Interest Income | ||||||||
Interest on loans
|
$
|
2,089
|
$
|
1,928
|
||||
Interest and dividends on time deposits and investment securities
|
73
|
62
|
||||||
Total Interest Income
|
2,162
|
1,990
|
Interest Expense
|
||||||||
Interest on deposits
|
547
|
456
|
||||||
Interest on Federal Home Loan Bank borrowings
|
33
|
19
|
||||||
Total Interest Expense
|
580
|
475
|
||||||
Net Interest Income
|
1,582
|
1,515
|
||||||
Provision for Loan Losses
|
45
|
88
|
||||||
Net Interest Income after Provision for Loan Losses
|
1,537
|
1,427
|
||||||
Non-Interest Income
|
Mortgage banking and title abstract fees
|
133
|
104
|
||||||
Other fees and services charges
|
18
|
22
|
||||||
Income from bank-owned life insurance
|
22
|
21
|
||||||
Net gain on the sale of residential mortgage loans
|
254
|
260
|
||||||
Gain on the sale of SBA loans
|
57
|
7
|
||||||
Gain on sale of other real estate owned
|
1
|
-
|
||||||
Other
|
9
|
5
|
||||||
Total Non-Interest Income, net
|
494
|
419
|
||||||
Non-Interest Expense |
Salaries and employee benefits
|
1,074
|
1,040
|
||||||
Directors' fees and expenses
|
56
|
52
|
||||||
Occupancy and equipment
|
153
|
149
|
||||||
Professional fees
|
91
|
77
|
||||||
FDIC deposit insurance assessment
|
32
|
28
|
||||||
Other real estate owned expenses
|
66
|
8
|
||||||
Advertising
|
31
|
31
|
||||||
Other
|
128
|
115
|
||||||
Total Non-Interest Expense
|
1,631
|
1,500
|
||||||
Income before Income Taxes
|
400
|
346
|
||||||
Income Taxes
|
161
|
137
|
||||||
Net Income
|
$
|
239
|
$
|
209
|
Earnings per share – basic
|
$
|
0.14
|
$
|
0.13
|
||||
Average shares outstanding - basic
|
1,754,326
|
1,703,588
|
||||||
Earnings per share - diluted
|
$
|
0.12
|
$
|
0.12
|
||||
Average shares outstanding - diluted
|
1,855,513
|
1,852,214
|
Quaint Oak Bancorp, Inc.
|
Consolidated Statements of Comprehensive Income (Unaudited)
|
For the Three Months Ended March 31,
|
||||||||
2016
|
2015
|
|||||||
(In Thousands)
|
||||||||
Net Income
|
$
|
239
|
$
|
209
|
||||
Other Comprehensive Income:
|
||||||||
Unrealized gains on investment securities available for sale
|
27
|
4
|
||||||
Income tax effect
|
(9
|
)
|
(1
|
)
|
||||
Net other comprehensive income
|
18
|
3
|
||||||
Total Comprehensive Income
|
$
|
257
|
$
|
212
|
||||
Quaint Oak Bancorp, Inc.
|
Consolidated Statements of Stockholder's Equity (Unaudited)
|
For the Three Months Ended March 31, 2016
|
||||||||||||||||||||||||||||||||
Unallocated | ||||||||||||||||||||||||||||||||
Common Stock | Common | Accumulated | ||||||||||||||||||||||||||||||
Number of | Additional | Stock Held | Other | Total | ||||||||||||||||||||||||||||
Shares | Paid-in | Treasury | by Benefit | Comprehensive | Retained | Stockholders' | ||||||||||||||||||||||||||
Outstanding | Amount | Capital | Stock | Plans | Loss | Earnings | Equity | |||||||||||||||||||||||||
(In thousands, except share data)
|
||||||||||||||||||||||||||||||||
BALANCE – DECEMBER 31, 2015
|
1,841,475
|
$
|
28
|
$
|
14,013
|
$
|
(4,859
|
)
|
$
|
(457
|
)
|
$
|
(12
|
)
|
$
|
10,323
|
$
|
19,036
|
||||||||||||||
Common stock allocated by ESOP
|
27
|
16
|
43
|
|||||||||||||||||||||||||||||
Reissuance of treasury stock under 401(k) Plan
|
1,498
|
10
|
7
|
17
|
||||||||||||||||||||||||||||
Reissuance of treasury stock for exercised stock options
|
12,540
|
(2
|
)
|
65
|
63
|
|||||||||||||||||||||||||||
Stock based compensation expense
|
32
|
32
|
||||||||||||||||||||||||||||||
Cash dividends declared ($0.038 per
share)
|
(69
|
)
|
(69
|
)
|
||||||||||||||||||||||||||||
Net Income
|
239
|
239
|
||||||||||||||||||||||||||||||
Other comprehensive income (loss), net
|
18
|
18
|
||||||||||||||||||||||||||||||
BALANCE – MARCH 31, 2016
|
1,855,513
|
$
|
28
|
$
|
14,080
|
$
|
(4,787
|
)
|
$
|
(441
|
)
|
$
|
6
|
$
|
10,493
|
$
|
19,379
|
Quaint Oak Bancorp, Inc.
|
Consolidated Statements of Cash Flows (Unaudited)
|
For the Three Months
Ended March 31,
|
||||||||
2016 | 2015 | |||||||
Cash Flows from Operating Activities | (In Thousands) | |||||||
Net income
|
$
|
239
|
$
|
209
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Provision for loan losses
|
45
|
88
|
||||||
Write-down of OREO properties
|
53
|
- | ||||||
Depreciation expense
|
51
|
43
|
||||||
Net amortization of securities premiums
|
4
|
-
|
||||||
Accretion of deferred loan fees and costs, net
|
(75
|
)
|
(80
|
)
|
||||
Stock-based compensation expense
|
75
|
68
|
||||||
Net gain on the sale of residential mortgage loans
|
(254
|
)
|
(260
|
)
|
||||
Gain on the sale of SBA loans
|
(57
|
)
|
(7
|
)
|
||||
Net gain on sale of other real estate owned
|
(1
|
)
|
-
|
|||||
Increase in the cash surrender value of bank-owned life insurance
|
(22
|
)
|
(21
|
)
|
||||
Changes in assets and liabilities which provided (used) cash:
|
||||||||
Loans held for sale-originations
|
(10,859
|
)
|
(8,802
|
)
|
||||
Loans held for sale-proceeds
|
13,459
|
9,258
|
||||||
Accrued interest receivable
|
(42
|
)
|
(60
|
)
|
||||
Prepaid expenses and other assets
|
(50
|
)
|
(252
|
)
|
||||
Accrued interest payable
|
(1
|
)
|
(5
|
)
|
||||
Accrued expenses and other liabilities
|
237
|
(62
|
)
|
|||||
Net Cash Provided by Operating Activities
|
2,802
|
117
|
Cash Flows from Investing Activities
|
||||||||
Net increase in investment in interest-earning time deposits
|
(10
|
)
|
(5
|
)
|
||||
Purchase of investment securities available for sale
|
(2,044
|
)
|
(13
|
)
|
||||
Principle repayments of investment securities available for sale
|
77
|
-
|
||||||
Net increase in loans receivable
|
(6,733
|
)
|
(10,181
|
)
|
||||
Proceeds from the sale of other real estate owned
|
68
|
-
|
||||||
Capitalized expenditures on other real estate owned
|
(94
|
)
|
-
|
|||||
Purchase of premises and equipment
|
(15
|
)
|
(79
|
)
|
||||
Net Cash Used in Investing Activities
|
(8,751
|
)
|
(10,278
|
)
|
Cash Flows from Financing Activities
|
||||||||
Net increase (decrease) in demand deposits and savings accounts
|
74
|
(600
|
)
|
|||||
Net increase in certificate accounts
|
3,369
|
2,369
|
||||||
Dividends paid
|
(69
|
)
|
(54
|
)
|
||||
Purchase of treasury stock
|
-
|
(5
|
)
|
|||||
Proceeds from the reissuance of treasury stock
|
17
|
17
|
||||||
Proceeds from the exercise of stock options
|
63
|
-
|
||||||
Decrease in advances from borrowers for taxes and insurance
|
(667
|
)
|
(525
|
)
|
||||
Net Cash Provided by Financing Activities
|
2,787
|
1,202
|
||||||
Net Decrease in Cash and Cash Equivalents
|
(3,162
|
)
|
(8,959
|
)
|
||||
Cash and Cash Equivalents – Beginning of Year
|
17,206
|
13,937
|
||||||
Cash and Cash Equivalents – End of Year
|
$
|
14,044
|
$
|
4,978
|
Cash payments for interest
|
$
|
581
|
$
|
480
|
||||
Cash payments for income taxes
|
$
|
175
|
$
|
350
|
||||
Transfer of loans to other real estate owned
|
$
|
-
|
$
|
260
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
For the Three Months
Ended March 31,
|
||||||||
2016
|
2015
|
|||||||
Net Income
|
$
|
239,000
|
$
|
209,000
|
||||
Weighted average shares outstanding – basic
|
1,754,326
|
1,703,588
|
||||||
Effect of dilutive common stock equivalents
|
101,187
|
148,626
|
||||||
Adjusted weighted average shares outstanding – diluted
|
1,855,513
|
1,852,214
|
||||||
Basic earnings per share
|
$
|
0.14
|
$
|
0.13
|
||||
Diluted earnings per share
|
$
|
0.12
|
$
|
0.12
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
Unrealized Gains on Investment
Securities Available for Sale (1)
|
||||||||
For the Three Months Ended
March 31,
|
||||||||
2016
|
2015
|
|||||||
Balance at the beginning of the period
|
$
|
(12
|
)
|
$
|
(36
|
)
|
||
Other comprehensive income before classifications
|
18
|
3
|
||||||
Amount reclassified from accumulated other comprehensive income (loss)
|
-
|
-
|
||||||
Total other comprehensive income
|
18
|
3
|
||||||
Balance at the end of the period
|
$
|
6
|
$
|
(33
|
)
|
(1)
|
All amounts are net of tax. Amounts in parentheses indicate debits.
|
March 31,
2016
|
December 31,
2015
|
|||||||
(In Thousands)
|
||||||||
Due in one year or less
|
$
|
4,101
|
$
|
3,585
|
||||
Due after one year through five years
|
2,045
|
2,551
|
||||||
$
|
6,146
|
$
|
6,136
|
March 31, 2016
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair Value
|
|||||||||||||
Available for Sale:
|
||||||||||||||||
Governmental National Mortgage Association securities
|
$
|
1,933
|
$
|
5
|
$
|
-
|
$
|
1,938
|
||||||||
Federal Home Loan Mortgage Corporation securities
|
2,064
|
5
|
-
|
2,069
|
||||||||||||
Federal National Mortgage Association securities
|
989
|
-
|
(1
|
)
|
988
|
|||||||||||
|
$
|
4,986
|
$
|
10
|
$
|
(1
|
)
|
$
|
4,995
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
December 31, 2015
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair Value
|
|||||||||||||
Available for Sale:
|
||||||||||||||||
Governmental National Mortgage Association securities
|
$
|
2,003
|
$
|
-
|
$
|
(13
|
)
|
$
|
1,990
|
|||||||
Federal Home Loan Mortgage Corporation securities
|
1,020
|
-
|
(5
|
)
|
1,015
|
|||||||||||
$
|
3,023
|
$
|
-
|
$
|
(18
|
)
|
$
|
3,005
|
|
March 31, 2016
|
|||||||||||||||||||||||||||
Less than Twelve Months
|
Twelve Months or Greater
|
Total
|
||||||||||||||||||||||||||
|
Number of
Securities |
Fair Value
|
Gross
Unrealized Losses |
Fair Value
|
Gross
Unrealized Losses |
Fair Value
|
Gross
Unrealized Losses |
|||||||||||||||||||||
Federal National Mortgage
Association securities
|
1
|
$
|
988
|
$
|
(1
|
)
|
$
|
-
|
$
|
-
|
$
|
988
|
$
|
(1
|
)
|
|||||||||||||
|
December 31, 2015
|
|||||||||||||||||||||||||||
Less than Twelve Months
|
Twelve Months or Greater
|
Total
|
||||||||||||||||||||||||||
|
Number of
Securities |
Fair Value
|
Gross
Unrealized Losses |
Fair Value
|
Gross
Unrealized Losses |
Fair Value
|
Gross
Unrealized Losses |
|||||||||||||||||||||
Governmental National Mortgage
Association securities
|
2
|
$
|
1,990
|
$
|
(13
|
)
|
$
|
-
|
$
|
-
|
$
|
1,990
|
$
|
(13
|
)
|
|||||||||||||
Federal Home Loan Mortgage
Corporation securities
|
1
|
1,015
|
(5
|
)
|
-
|
-
|
1,015
|
(5
|
)
|
|||||||||||||||||||
Total
|
3
|
$
|
3,005
|
$
|
(18
|
)
|
$
|
-
|
$
|
-
|
$
|
3,005
|
$
|
(18
|
)
|
|||||||||||||
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
March 31,
2016
|
December 31,
2015
|
|||||||
(In Thousands)
|
||||||||
Real estate loans:
|
||||||||
One-to-four family residential:
|
||||||||
Owner occupied
|
$
|
6,326
|
$
|
5,777
|
||||
Non-owner occupied
|
51,392
|
51,036
|
||||||
Total one-to-four family residential
|
57,718
|
56,813
|
||||||
Multi-family (five or more) residential
|
12,523
|
12,402
|
||||||
Commercial real estate
|
53,000
|
47,550
|
||||||
Commercial lines of credit
|
2,196
|
2,215
|
||||||
Construction
|
15,688
|
16,100
|
||||||
Home equity loans
|
7,411
|
7,409
|
||||||
Total real estate loans
|
148,536
|
142,489
|
||||||
Commercial business
|
3,446
|
2,576
|
||||||
Other consumer
|
73
|
71
|
||||||
Total Loans
|
152,055
|
145,136
|
||||||
Deferred loan fees and costs
|
(572
|
)
|
(518
|
)
|
||||
Allowance for loan losses
|
(1,358
|
)
|
(1,313
|
)
|
||||
Net Loans
|
$
|
150,125
|
$
|
143,305
|
March 31, 2016
|
||||||||||||||||||||
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
6,326
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
6,326
|
||||||||||
One-to-four family residential non-owner occupied
|
50,152
|
-
|
1,240
|
-
|
51,392
|
|||||||||||||||
Multi-family residential
|
12,523
|
-
|
-
|
-
|
12,523
|
|||||||||||||||
Commercial real estate and lines of credit
|
53,753
|
-
|
1,443
|
-
|
55,196
|
|||||||||||||||
Construction
|
14,003
|
-
|
1,685
|
-
|
15,688
|
|||||||||||||||
Home equity
|
7,411
|
-
|
-
|
-
|
7,411
|
|||||||||||||||
Commercial business
|
3,446
|
-
|
-
|
-
|
3,446
|
|||||||||||||||
Other consumer
|
73
|
-
|
-
|
-
|
73
|
|||||||||||||||
$
|
147,687
|
$
|
-
|
$
|
4,368
|
$
|
-
|
$
|
152,055
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
December 31, 2015
|
||||||||||||||||||||
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
5,777
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
5,777
|
||||||||||
One-to-four family residential non-owner occupied
|
49,457
|
331
|
1,248
|
-
|
51,036
|
|||||||||||||||
Multi-family residential
|
12,402
|
-
|
-
|
-
|
12,402
|
|||||||||||||||
Commercial real estate and lines of credit
|
48,185
|
262
|
1,318
|
-
|
49,765
|
|||||||||||||||
Construction
|
14,621
|
-
|
1,479
|
-
|
16,100
|
|||||||||||||||
Home equity
|
7,409
|
-
|
-
|
-
|
7,409
|
|||||||||||||||
Commercial business
|
2,576
|
-
|
-
|
-
|
2,576
|
|||||||||||||||
Other consumer
|
71
|
-
|
-
|
-
|
71
|
|||||||||||||||
$
|
140,498
|
$
|
593
|
$
|
4,045
|
$
|
-
|
$
|
145,136
|
March 31, 2016
|
||||||||||||||||||||
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
One-to-four family residential non-owner occupied
|
1,161
|
1,169
|
-
|
1,191
|
15
|
|||||||||||||||
Multi-family residential
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Commercial real estate and lines of credit
|
262
|
262
|
-
|
262
|
-
|
|||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Home equity
|
83
|
83
|
-
|
84
|
2
|
|||||||||||||||
Commercial business
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Other consumer
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
One-to-four family residential non-owner occupied
|
197
|
197
|
28
|
197
|
4
|
|||||||||||||||
Multi-family residential
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Commercial real estate and lines of credit
|
133
|
133
|
11
|
133
|
2
|
|||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Home equity
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Commercial business
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Other consumer
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
One-to-four family residential non-owner occupied
|
1,358
|
1,366
|
28
|
1,388
|
19
|
|||||||||||||||
Multi-family residential
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Commercial real estate and lines of credit
|
395
|
395
|
11
|
395
|
2
|
|||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Home equity
|
83
|
83
|
-
|
84
|
2
|
|||||||||||||||
Commercial business
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Other consumer
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
1,836
|
$
|
1,844
|
$
|
39
|
$
|
1,867
|
$
|
23
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
December 31, 2015
|
||||||||||||||||||||
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
828
|
$
|
15
|
||||||||||
One-to-four family residential non-owner occupied
|
653
|
659
|
-
|
1,464
|
62
|
|||||||||||||||
Multi-family residential
|
-
|
-
|
-
|
66
|
5
|
|||||||||||||||
Commercial real estate and lines of credit
|
-
|
-
|
-
|
1,085
|
77
|
|||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
- | |||||||||||||||
Home equity
|
84
|
84
|
-
|
87
|
7
|
|||||||||||||||
Commercial business
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Other consumer
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
One-to-four family residential non-owner occupied
|
321
|
321
|
33
|
556
|
22
|
|||||||||||||||
Multi-family residential
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Commercial real estate and lines of credit
|
133
|
133
|
7
|
332
|
9
|
|||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Home equity
|
-
|
-
|
-
|
45
|
4
|
|||||||||||||||
Commercial business
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Other consumer
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
828
|
$
|
15
|
||||||||||
One-to-four family residential non-owner occupied
|
974
|
980
|
33
|
2,020
|
84
|
|||||||||||||||
Multi-family residential
|
-
|
-
|
-
|
66
|
5
|
|||||||||||||||
Commercial real estate and lines of credit
|
133
|
133
|
7
|
1,417
|
86
|
|||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Home equity
|
84
|
84
|
-
|
132
|
11
|
|||||||||||||||
Commercial business
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Other consumer
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
1,191
|
$
|
1,197
|
$
|
40
|
$
|
4,463
|
$
|
201
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
March 31, 2016
|
||||||||||||||||||||
Number of
Contracts
|
Recorded
Investment
|
Non-
Accrual
|
Accruing
|
Related
Allowance
|
||||||||||||||||
One-to-four family residential owner occupied
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||||||||
One-to-four family residential non-owner occupied
|
5
|
560
|
-
|
560
|
25
|
|||||||||||||||
Multi-family residential
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Commercial real estate and lines of credit
|
1
|
133
|
-
|
133
|
11
|
|||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Home equity
|
3
|
83
|
-
|
83
|
-
|
|||||||||||||||
Commercial business
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Other consumer
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
9
|
$
|
776
|
$
|
-
|
$
|
776
|
$
|
36
|
December 31, 2015
|
||||||||||||||||||||
Number of
Contracts
|
Recorded
Investment
|
Non-
Accrual
|
Accruing
|
Related
Allowance
|
||||||||||||||||
One-to-four family residential owner occupied
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||||||||
One-to-four family residential non-owner occupied
|
5
|
564
|
-
|
564
|
25
|
|||||||||||||||
Multi-family residential
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Commercial real estate and lines of credit
|
1
|
133
|
-
|
133
|
7
|
|||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Home equity
|
3
|
84
|
-
|
84
|
-
|
|||||||||||||||
Commercial business
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Other consumer
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
9
|
$
|
781
|
$
|
-
|
$
|
781
|
$
|
32
|
March 31, 2016
|
||||||||||||||||||||
Accruing
Past Due
Less than 30
Days
|
Past Due
30-89 Days
|
Greater
than 90
Days
|
Non-
Accrual
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
One-to-four family residential non-owner occupied
|
560
|
-
|
-
|
-
|
560
|
|||||||||||||||
Multi-family residential
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Commercial real estate and lines of credit
|
133
|
-
|
-
|
-
|
133
|
|||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Home equity
|
83
|
-
|
-
|
-
|
83
|
|||||||||||||||
Commercial business
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Other consumer
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
776
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
776
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
December 31, 2015
|
||||||||||||||||||||
Accruing
Past Due
Less than 30
Days
|
Past Due
30-89 Days
|
Greater
than 90
Days
|
Non-
Accrual
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
One-to-four family residential non-owner occupied
|
564
|
-
|
-
|
-
|
564
|
|||||||||||||||
Multi-family residential
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Commercial real estate and lines of credit
|
133
|
-
|
-
|
-
|
133
|
|||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Home equity
|
84
|
-
|
-
|
-
|
84
|
|||||||||||||||
Commercial business
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Other consumer
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
781
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
781
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
March 31, 2016
|
||||||||||||||||||||||||||||||||||||
1-4 Family
Residential
Owner
Occupied
|
1-4 Family
Residential
Non-Owner
Occupied
|
Multi-Family
Residential
|
Commercial
Real Estate
and Lines of
Credit
|
Construction
|
Home Equity
|
Commercial
Business
and Other
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
55
|
$
|
486
|
$
|
81
|
$
|
389
|
$
|
153
|
$
|
50
|
$
|
18
|
$
|
81
|
$
|
1,313
|
||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Provision
|
(4
|
)
|
26
|
(25
|
)
|
36
|
(4
|
)
|
2
|
14
|
-
|
45
|
||||||||||||||||||||||||
Ending balance
|
$
|
51
|
$
|
512
|
$
|
56
|
$
|
425
|
$
|
149
|
$
|
52
|
$
|
32
|
$
|
81
|
$
|
1,358
|
||||||||||||||||||
Ending balance evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
-
|
$
|
28
|
$
|
-
|
$
|
11
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
39
|
||||||||||||||||||
Collectively
|
$
|
51
|
$
|
484
|
$
|
56
|
$
|
414
|
$
|
149
|
$
|
52
|
$
|
32
|
$
|
81
|
$
|
1,319
|
||||||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||||||||||
Ending balance:
|
$
|
6,326
|
$
|
51,392
|
$
|
12,523
|
$
|
55,196
|
$
|
15,688
|
$
|
7,411
|
$
|
3,519
|
$
|
-
|
$
|
152,055
|
||||||||||||||||||
Ending balance evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
-
|
$
|
1,358
|
$
|
-
|
$
|
395
|
$
|
-
|
$
|
83
|
$
|
-
|
$
|
-
|
$
|
1,836
|
||||||||||||||||||
Collectively
|
$
|
6,326
|
$
|
50,034
|
$
|
12,523
|
$
|
54,801
|
$
|
15,688
|
$
|
7,328
|
$
|
3,519
|
$
|
-
|
$
|
150,219
|
March 31, 2015
|
||||||||||||||||||||||||||||||||||||
1-4 Family
Residential
Owner
Occupied
|
1-4 Family
Residential
Non-Owner
Occupied
|
Multi-Family
Residential
|
Commercial
Real Estate
and Lines of
Credit
|
Construction
|
Home
Equity
|
Commercial
Business
and Other
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
75
|
$
|
418
|
$
|
60
|
$
|
324
|
$
|
122
|
$
|
46
|
$
|
7
|
$
|
96
|
$
|
1,148
|
||||||||||||||||||
Charge-offs
|
-
|
(51
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
(51
|
)
|
|||||||||||||||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Provision
|
(11
|
)
|
45
|
3
|
29
|
38
|
(2
|
)
|
8
|
(22
|
)
|
88
|
||||||||||||||||||||||||
Ending balance
|
$
|
64
|
$
|
412
|
$
|
63
|
$
|
353
|
$
|
160
|
$
|
44
|
$
|
15
|
$
|
74
|
$
|
1,185
|
||||||||||||||||||
Ending balance evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
-
|
$
|
13
|
$
|
-
|
$
|
29
|
$
|
-
|
$
|
8
|
$
|
-
|
$
|
-
|
$
|
50
|
||||||||||||||||||
Collectively
|
$
|
64
|
$
|
399
|
$
|
63
|
$
|
324
|
$
|
160
|
$
|
36
|
$
|
15
|
$
|
74
|
$
|
1,135
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
December 31, 2015
|
||||||||||||||||||||||||||||||||||||
1-4 Family
Residential
Owner
Occupied
|
1-4 Family
Residential
Non-Owner
Occupied
|
Multi-Family
Residential
|
Commercial
Real Estate
and Lines of
Credit
|
Construction
|
Home
Equity
|
Commercial
Business
and Other
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
75
|
$
|
418
|
$
|
60
|
$
|
324
|
$
|
122
|
$
|
46
|
$
|
7
|
$
|
96
|
$
|
1,148
|
||||||||||||||||||
Charge-offs
|
-
|
(110
|
)
|
-
|
(21
|
)
|
-
|
(45
|
)
|
-
|
-
|
(176
|
)
|
|||||||||||||||||||||||
Recoveries
|
-
|
-
|
-
|
21
|
-
|
-
|
-
|
-
|
21
|
|||||||||||||||||||||||||||
Provision
|
(20
|
)
|
178
|
21
|
65
|
31
|
49
|
11
|
(15
|
)
|
320
|
|||||||||||||||||||||||||
Ending balance
|
$
|
55
|
$
|
486
|
$
|
81
|
$
|
389
|
$
|
153
|
$
|
50
|
$
|
18
|
$
|
81
|
$
|
1,313
|
||||||||||||||||||
Ending balance evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
-
|
$
|
33
|
$
|
-
|
$
|
7
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
40
|
||||||||||||||||||
Collectively
|
$
|
55
|
$
|
453
|
$
|
81
|
$
|
382
|
$
|
153
|
$
|
50
|
$
|
18
|
$
|
81
|
$
|
1,273
|
||||||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||||||||||
Ending balance
|
$
|
5,777
|
$
|
51,036
|
$
|
12,402
|
$
|
49,765
|
$
|
16,100
|
$
|
7,409
|
$
|
2,647
|
$
|
-
|
$
|
145,136
|
||||||||||||||||||
Ending balance evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment
|
||||||||||||||||||||||||||||||||||||
Individually
|
$
|
-
|
$
|
974
|
$
|
-
|
$
|
133
|
$
|
-
|
$
|
84
|
$
|
-
|
$
|
-
|
$
|
1,191
|
||||||||||||||||||
Collectively
|
$
|
5,777
|
$
|
50,062
|
$
|
12,402
|
$
|
49,632
|
$
|
16,100
|
$
|
7,325
|
$
|
2,647
|
$
|
-
|
$
|
143,945
|
March 31,
2016
|
December 31,
2015
|
|||||||
One-to-four family residential owner occupied
|
$
|
-
|
$
|
-
|
||||
One-to-four family residential non-owner occupied
|
697
|
186
|
||||||
Multi-family residential
|
-
|
-
|
||||||
Commercial real estate and lines of credit
|
262
|
-
|
||||||
Construction
|
-
|
-
|
||||||
Home equity
|
-
|
-
|
||||||
Commercial business
|
-
|
-
|
||||||
Other consumer
|
-
|
-
|
||||||
$ | 959 | $ | 186 |
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
March 31, 2016
|
||||||||||||||||||||||||
30-90
Days
Past
Due
|
Greater
than 90
Days
|
Total
Past Due
|
Current
|
Total Loans
Receivable
|
Loans
Receivable >
90 Days and
Accruing
|
|||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
451
|
$
|
-
|
$
|
451
|
$
|
5,875
|
$
|
6,326
|
$
|
-
|
||||||||||||
One-to-four family residential non-owner
occupied
|
76
|
1,155
|
1,231
|
50,161
|
51,392
|
458
|
||||||||||||||||||
Multi-family residential
|
-
|
-
|
-
|
12,523
|
12,523
|
-
|
||||||||||||||||||
Commercial real estate and lines of credit
|
435
|
714
|
1,149
|
54,047
|
55,196
|
452
|
||||||||||||||||||
Construction
|
1,585
|
71
|
1,656
|
14,032
|
15,688
|
71
|
||||||||||||||||||
Home equity
|
625
|
-
|
625
|
6,786
|
7,411
|
-
|
||||||||||||||||||
Commercial business
|
-
|
-
|
-
|
3,446
|
3,446
|
-
|
||||||||||||||||||
Other consumer
|
-
|
-
|
-
|
73
|
73
|
-
|
||||||||||||||||||
$
|
3,172
|
$
|
1,940
|
$
|
5,112
|
$
|
146,943
|
$
|
152,055
|
$
|
981
|
December 31, 2015
|
||||||||||||||||||||||||
30-90
Days Past
Due
|
Greater
than 90
Days
|
Total
Past Due
|
Current
|
Total Loans
Receivable
|
Loans
Receivable >
90 Days and
Accruing
|
|||||||||||||||||||
One-to-four family residential owner occupied
|
$
|
253
|
$
|
-
|
$
|
253
|
$
|
5,524
|
$
|
5,777
|
$
|
-
|
||||||||||||
One-to-four family residential non-owner
occupied
|
1,227
|
590
|
1,817
|
49,219
|
51,036
|
404
|
||||||||||||||||||
Multi-family residential
|
-
|
-
|
-
|
12,402
|
12,402
|
-
|
||||||||||||||||||
Commercial real estate and lines of credit
|
894
|
262
|
1,156
|
48,609
|
49,765
|
262
|
||||||||||||||||||
Construction
|
558
|
-
|
558
|
15,542
|
16,100
|
-
|
||||||||||||||||||
Home equity
|
55
|
-
|
55
|
7,354
|
7,409
|
-
|
||||||||||||||||||
Commercial business
|
-
|
-
|
-
|
2,576
|
2,576
|
-
|
||||||||||||||||||
Other consumer
|
-
|
-
|
-
|
71
|
71
|
-
|
||||||||||||||||||
$
|
2,987
|
$
|
852
|
$
|
3,839
|
$
|
141,297
|
$
|
145,136
|
$
|
666
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
March 31,
2016
|
December 31,
2015
|
|||||||
Non-interest bearing checking accounts
|
$
|
2,871
|
$
|
2,407
|
||||
Passbook accounts
|
1,343
|
1,185
|
||||||
Savings accounts
|
3,200
|
3,275
|
||||||
Money market accounts
|
26,098
|
26,571
|
||||||
Certificates of deposit
|
119,160
|
115,791
|
||||||
Total deposits
|
$
|
152,672
|
$
|
149,229
|
||||
March 31, 2016 | December 31, 2015 | |||||||||||||||
Amunt |
Weighted
Interest
Rate
|
Amount |
Weighted
Interest
Rate
|
|||||||||||||
Short-term borrowings
|
$
|
6,000
|
0.46
|
%
|
$
|
6,000
|
0.45
|
%
|
||||||||
Fixed rate borrowings maturing:
|
||||||||||||||||
2016
|
$
|
1,000
|
0.88
|
%
|
$
|
1,000
|
0.88
|
%
|
||||||||
2017
|
2,500
|
1.15
|
2,500
|
1.15
|
||||||||||||
2018
|
3,000
|
1.46
|
3,000
|
1.46
|
||||||||||||
2019
|
1,000
|
2.02
|
1,000
|
2.02
|
||||||||||||
Total FHLB long-term debt
|
$
|
7,500
|
1.35
|
%
|
$
|
7,500
|
1.35
|
%
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
March 31, 2016
|
March 31, 2015
|
|||||||||||||||
Number of
Shares
|
Weighted
Average Grant
Date Fair Value
|
Number of
Shares
|
Weighted
Average Grant
Date Fair Value
|
|||||||||||||
Unvested at the beginning of the period
|
30,784
|
$
|
8.10
|
41,966
|
$
|
8.09
|
||||||||||
Granted
|
-
|
-
|
-
|
-
|
||||||||||||
Vested
|
-
|
-
|
-
|
-
|
||||||||||||
Forfeited
|
-
|
-
|
-
|
-
|
||||||||||||
Unvested at the end of the period
|
30,784
|
$
|
8.10
|
41,966
|
$
|
8.09
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
2016
|
2015 | |||||||||||||||||||||||
Number of
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Life (in
years)
|
Number of
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Life (in
years)
|
|||||||||||||||||||
Outstanding at the beginning of the year
|
354,266
|
$
|
6.33
|
4.7
|
369,140
|
$
|
6.30
|
5.7
|
||||||||||||||||
Granted
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Exercised
|
(12,540
|
)
|
5.00
|
-
|
-
|
-
|
-
|
|||||||||||||||||
Forfeited
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Outstanding at the end of the period
|
341,726
|
$
|
6.38
|
4.4
|
369,140
|
$
|
6.30
|
5.2
|
||||||||||||||||
Exercisable at the end of the period
|
249,326
|
$
|
5.75
|
2.1
|
245,618
|
$
|
5.39
|
3.1
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
March 31, 2016
|
||||||||||||||||
Fair Value Measurements Using:
|
||||||||||||||||
Total Fair
Value
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
Significant Other Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
|||||||||||||
Recurring fair value measurements
|
||||||||||||||||
Investment securities available for sale
|
||||||||||||||||
Governmental National Mortgage Association securities
|
$
|
1,938
|
$
|
-
|
$
|
1,938
|
$
|
-
|
||||||||
Federal Home Loan Mortgage Corporation securities
|
2,069
|
-
|
2,069
|
-
|
||||||||||||
Federal National Mortgage Association securities
|
988
|
-
|
988
|
-
|
||||||||||||
Total investment securities available for sale
|
$
|
4,995
|
$
|
-
|
$
|
4,995
|
$
|
-
|
||||||||
Total recurring fair value measurements
|
$
|
4,995
|
$
|
-
|
$
|
4,995
|
$
|
-
|
||||||||
Nonrecurring fair value measurements
|
||||||||||||||||
Impaired loans
|
$
|
1,797
|
$
|
-
|
$
|
-
|
$
|
1,797
|
||||||||
Other real estate owned
|
1,384
|
-
|
-
|
1,384
|
||||||||||||
Total nonrecurring fair value measurements
|
$
|
3,181
|
$
|
-
|
$
|
-
|
$
|
3,181
|
December 31, 2015
|
||||||||||||||||
Fair Value Measurements Using:
|
||||||||||||||||
Total Fair
Value
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
Significant Other Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
|||||||||||||
Recurring fair value measurements
|
||||||||||||||||
Investment securities available for sale
|
||||||||||||||||
Governmental National Mortgage Association securities
|
$
|
1,990
|
$
|
-
|
$
|
1,990
|
$
|
-
|
||||||||
Federal Home Loan Mortgage Corporation securities
|
1,015
|
-
|
1,015
|
-
|
||||||||||||
Total investment securities available for sale
|
$
|
3,005
|
$
|
-
|
$
|
3,005
|
$
|
-
|
||||||||
Total recurring fair value measurements
|
$
|
3,005
|
$
|
-
|
$
|
3,005
|
$
|
-
|
||||||||
Nonrecurring fair value measurements
|
||||||||||||||||
Impaired loans
|
$
|
1,151
|
$
|
-
|
$
|
-
|
$
|
1,151
|
||||||||
Other real estate owned
|
1,410
|
-
|
-
|
1,410
|
||||||||||||
Total nonrecurring fair value measurements
|
$
|
2,561
|
$
|
-
|
$
|
-
|
$
|
2,561
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
March 31, 2016
|
|||||||||||
Quantitative Information About Level 3 Fair Value Measurements
|
|||||||||||
Total Fair
Value
|
Valuation
Techniques
|
Unobservable
Input
|
Range (Weighted
Average)
|
||||||||
Impaired loans
|
$
|
1,797
|
Appraisal of collateral (1)
|
Appraisal adjustments (2)
|
0%-25% (2
|
%)
|
|||||
Other real estate owned
|
$
|
1,384
|
Appraisal of collateral (1)
|
Appraisal adjustments (2)
|
0%-29% (4
|
%)
|
December 31, 2015
|
|||||||||||
Quantitative Information About Level 3 Fair Value Measurements
|
|||||||||||
Total Fair
Value
|
Valuation
Techniques
|
Unobservable
Input
|
Range (Weighted
Average)
|
||||||||
Impaired loans
|
$
|
1,151
|
Appraisal of collateral (1)
|
Appraisal adjustments (2)
|
0%-25% (3
|
%)
|
|||||
Other real estate owned
|
$
|
1,410
|
Appraisal of collateral (1)
|
Appraisal adjustments (2)
|
0% -29% (5
|
%)
|
(1)
|
Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are identifiable.
|
(2)
|
Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal.
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
Fair Value Measurements at
|
||||||||||||||||||||
March 31, 2016
|
||||||||||||||||||||
Carrying
Amount
|
Fair Value
Estimate
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
14,044
|
$
|
14,044
|
$
|
14,044
|
$
|
-
|
$
|
-
|
||||||||||
Investment in interest-earning time deposits
|
6,146
|
6,208
|
-
|
-
|
6,208
|
|||||||||||||||
Investment securities available for sale
|
4,995
|
4,995
|
-
|
4,995
|
-
|
|||||||||||||||
Loans held for sale
|
2,718
|
2,830
|
-
|
2,830
|
-
|
|||||||||||||||
Loans receivable, net
|
150,125
|
151,787
|
-
|
-
|
151,787
|
|||||||||||||||
Accrued interest receivable
|
1,025
|
1,025
|
1,025
|
-
|
-
|
|||||||||||||||
Investment in FHLB stock
|
618
|
618
|
618
|
-
|
-
|
|||||||||||||||
Bank-owned life insurance
|
3,660
|
3,660
|
3,660
|
-
|
-
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
152,672
|
154,189
|
33,512
|
-
|
120,677
|
|||||||||||||||
FHLB short-term borrowings
|
6,000
|
6,000
|
6,000
|
-
|
-
|
|||||||||||||||
FHLB long-term borrowings
|
7,500
|
7,541
|
-
|
-
|
7,541
|
|||||||||||||||
Accrued interest payable
|
122
|
122
|
122
|
-
|
-
|
|||||||||||||||
Fair Value Measurements at
|
||||||||||||||||||||
December 31, 2015
|
||||||||||||||||||||
Carrying
Amount
|
Fair Value
Estimate
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
17,206
|
$
|
17,206
|
$
|
17,206
|
$
|
-
|
$
|
-
|
||||||||||
Investment in interest-earning time deposits
|
6,136
|
6,206
|
-
|
-
|
6,206
|
|||||||||||||||
Investment securities available for sale
|
3,005
|
3,005
|
-
|
3,005
|
-
|
|||||||||||||||
Loans held for sale
|
5,064
|
5,244
|
-
|
5,244
|
-
|
|||||||||||||||
Loans receivable, net
|
143,305
|
145,134
|
-
|
-
|
145,134
|
|||||||||||||||
Accrued interest receivable
|
983
|
983
|
983
|
-
|
-
|
|||||||||||||||
Investment in FHLB stock
|
618
|
618
|
618
|
-
|
-
|
|||||||||||||||
Bank-owned life insurance
|
3,638
|
3,638
|
3,638
|
-
|
-
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
149,229
|
150,644
|
33,438
|
-
|
117,206
|
|||||||||||||||
FHLB short-term borrowings
|
6,000
|
6,000
|
6,000
|
-
|
-
|
|||||||||||||||
FHLB long-term borrowings
|
7,500
|
7,479
|
-
|
-
|
7,479
|
|||||||||||||||
Accrued interest payable
|
123
|
123
|
123
|
-
|
-
|
Quaint Oak Bancorp, Inc.
|
Notes to Unaudited Consolidated Financial Statements
|
Three Months Ended March 31,
|
||||||||||||||||||||||||
2016
|
2015
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
|||||||||||||||||||
Interest-earning assets:
|
(Dollars in thousands)
|
|||||||||||||||||||||||
Due from banks, interest-bearing
|
$
|
17,798
|
$
|
25
|
0.56
|
%
|
$
|
9,406
|
$
|
6
|
0.26
|
%
|
||||||||||||
Investment in interest-earning time deposits
|
6,137
|
25
|
1.63
|
6,661
|
24
|
1.44
|
||||||||||||||||||
Investment securities available for sale
|
3,825
|
16
|
1.67
|
1,710
|
13
|
3.04
|
||||||||||||||||||
Loans receivable, net (1) (2) (3)
|
148,411
|
2,089
|
5.63
|
129,969
|
1,928
|
5.93
|
||||||||||||||||||
Investment in FHLB stock
|
618
|
7
|
4.53
|
527
|
19
|
14.4
|
||||||||||||||||||
Total interest-earning assets
|
176,789
|
2,162
|
4.89
|
%
|
148,273
|
1,990
|
5.37
|
%
|
||||||||||||||||
Non-interest-earning assets
|
8,605
|
7,676
|
||||||||||||||||||||||
Total assets
|
$
|
185,394
|
$
|
155,949
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Passbook accounts
|
$
|
1,297
|
-
|
-
|
%
|
$
|
2,486
|
1
|
0.16
|
%
|
||||||||||||||
Savings accounts
|
2,951
|
2
|
0.27
|
5,141
|
4
|
0.31
|
||||||||||||||||||
Money market accounts
|
26,872
|
53
|
0.79
|
19,363
|
37
|
0.76
|
||||||||||||||||||
Certificate of deposit accounts
|
117,172
|
492
|
1.68
|
97,507
|
414
|
1.70
|
||||||||||||||||||
Total deposits
|
148,292
|
547
|
1.48
|
124,497
|
456
|
1.47
|
||||||||||||||||||
FHLB short-term borrowings
|
6,000
|
8
|
0.53
|
7,000
|
5
|
0.29
|
||||||||||||||||||
FHLB long-term borrowings
|
7,500
|
25
|
1.33
|
4,500
|
14
|
1.24
|
||||||||||||||||||
Total interest-bearing liabilities
|
161,792
|
580
|
1.43
|
%
|
135,997
|
475
|
1.40
|
%
|
||||||||||||||||
Non-interest-bearing liabilities
|
4,415
|
2,280
|
||||||||||||||||||||||
Total liabilities
|
166,207
|
138,277
|
||||||||||||||||||||||
Stockholders' Equity
|
19,187
|
17,672
|
||||||||||||||||||||||
Total liabilities and Stockholders' Equity
|
$
|
185,394
|
155,949
|
|||||||||||||||||||||
Net interest-earning assets
|
$
|
14,997
|
$
|
12,276
|
||||||||||||||||||||
Net interest income; average interest rate spread
|
$
|
1,582
|
3.46
|
%
|
$
|
1,515
|
3.97
|
%
|
||||||||||||||||
Net interest margin (4)
|
3.58
|
%
|
4.09
|
%
|
||||||||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities
|
109.27
|
%
|
109.03
|
%
|
(1) | Includes loans held for sale. |
(2) | Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts, loans in process and allowance for loan losses. |
(4) | Equals net interest income divided by average interest-earning assets. |
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Period
|
Total Number
of Shares
Purchased
|
Average
Price
Paid per
Share
|
Total Number of
Shares Purchased
as Part of Publicly Announced Plans
or Programs
|
Maximum
Number of Shares
that May Yet Be
Purchased Under
the Plans or
Programs (1)
|
||||||||||||
January 1, 2016 – January 31, 2016
|
-
|
$
|
-
|
-
|
39,826
|
|||||||||||
February 1, 2016 – February 29, 2016
|
-
|
-
|
-
|
39,826
|
||||||||||||
March 1, 2016 – March 31, 2016
|
-
|
-
|
-
|
39,826
|
||||||||||||
Total
|
-
|
$
|
-
|
-
|
39,826
|
(1)
|
On February 21, 2014, the Board of Directors of Quaint Oak Bancorp approved its fourth share repurchase program which provides for the repurchase of up to 69,432 shares (adjusted to reflect the two-for-one stock split), or approximately 2.5% of the Company's then issued and outstanding shares of common stock, and announced the fourth repurchase program on Form 8-K filed on February 26, 2014. The repurchase program does not have an expiration date.
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
No.
|
Description
|
||
31.1 |
Rule 13a-14(d) and 15d-14(d) Certification of the Chief Executive Officer.
|
||
31.2 |
Rule 13a-14(d) and 15d-14(d) Certification of the Chief Financial Officer.
|
||
32.0 |
Section 1350 Certification.
|
||
101.INS
|
XBRL Instance Document.
|
||
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
||
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
||
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
||
101.DEF
|
XBRL Taxonomy Extension Definitions Linkbase Document.
|
Date: May 13, 2016 | By: | /s/ Robert T. Strong |
|
|
Robert T. Strong
President and Chief Executive Officer
|
Date: May 13, 2016 | By: | /s/ John J. Augustine |
|
|
John J. Augustine
Chief Financial Officer
|
Date: May 13, 2016 | /s/ Robert T. Strong |
|
Robert T. Strong
President and Chief Executive Officer
|
Date: May 13, 2016 | /s/ John J. Augustine |
|
John J. Augustine
Chief Financial Officer
|
Date: May 13, 2016 | By: | /s/ Robert T. Strong |
|
|
Robert T. Strong
President and Chief Executive Officer
|
Date: May 13, 2016 | By: | /s/ John J. Augustine |
|
|
John J. Augustine
Chief Financial Officer
|
Document And Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
May. 12, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | QUAINT OAK BANCORP INC | |
Trading Symbol | qnto | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 1,862,868 | |
Amendment Flag | false | |
Entity Central Index Key | 0001391933 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Loans receivable, allowance for loan losses (in Dollars) | $ 1,358 | $ 1,313 |
Preferred stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 9,000,000 | 9,000,000 |
Common stock, shares issued | 2,777,250 | 2,777,250 |
Common stock, shares outstanding | 1,855,513 | 1,841,475 |
Treasury stock, shares | 921,737 | 935,775 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Net Income | $ 239,000 | $ 209,000 |
Other Comprehensive Income: | ||
Unrealized gains on investment securities available for sale | 27,000 | 4,000 |
Income tax effect | (9,000) | (1,000) |
Net other comprehensive income | 18,000 | 3,000 |
Total Comprehensive Income | $ 257,000 | $ 212,000 |
Consolidated Statements of Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) |
Common Stock [Member]
The 401(k) Plan [Member]
|
Common Stock [Member]
The 2008 Stock Option Plan [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member]
The 401(k) Plan [Member]
|
Additional Paid-in Capital [Member]
The 2008 Stock Option Plan [Member]
|
Additional Paid-in Capital [Member] |
Treasury Stock [Member]
The 401(k) Plan [Member]
|
Treasury Stock [Member]
The 2008 Stock Option Plan [Member]
|
Treasury Stock [Member] |
Unallocated Common Stock Held by Benefit Plans[Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
The 401(k) Plan [Member] |
The 2008 Stock Option Plan [Member] |
Total |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2015 | $ 28,000 | $ 14,013,000 | $ (4,859,000) | $ (457,000) | $ (12,000) | $ 10,323,000 | $ 19,036,000 | ||||||||
Balance (in Shares) at Dec. 31, 2015 | 1,841,475 | 1,841,475 | |||||||||||||
Common stock allocated by ESOP | 27,000 | 16,000 | $ 43,000 | ||||||||||||
Reissuance of treasury stock, value | $ 10,000 | $ (2,000) | $ 7,000 | $ 65,000 | $ 17,000 | $ 63,000 | |||||||||
Reissuance of treasury stock, shares (in Shares) | 1,498 | 12,540 | |||||||||||||
Stock based compensation expense | 32,000 | 32,000 | |||||||||||||
Cash dividends declared ($0.038 per share) | (69,000) | (69,000) | |||||||||||||
Net Income | 239,000 | 239,000 | |||||||||||||
Other comprehensive income (loss), net | 18,000 | 18,000 | |||||||||||||
Balance at Mar. 31, 2016 | $ 28,000 | $ 14,080,000 | $ (4,787,000) | $ (441,000) | $ 6,000 | $ 10,493,000 | $ 19,379,000 | ||||||||
Balance (in Shares) at Mar. 31, 2016 | 1,855,513 | 1,855,513 |
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) |
3 Months Ended |
---|---|
Mar. 31, 2016
$ / shares
| |
Common Stock [Member] | |
Cash dividends declared per share | $ 0.038 |
Note 1 - Financial Statement Presentation and Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1 – Financial Statement Presentation and Significant Accounting Policies Basis of Financial Presentation. The consolidated financial statements include the accounts of Quaint Oak Bancorp, Inc. (the "Company") and its wholly-owned subsidiary, Quaint Oak Bank (the "Bank") along with its wholly-owned subsidiaries. At March 31, 2016, the Bank has five wholly-owned subsidiaries, Quaint Oak Mortgage, LLC, Quaint Oak Real Estate, LLC, Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, and QOB Properties, LLC, each a Pennsylvania limited liability company. The mortgage, real estate and abstract companies offer mortgage banking, real estate sales and title abstract services, respectively, and began operation in July 2009. QOB Properties, LLC began operations in July 2012 and holds Bank properties acquired through a foreclosure proceeding or acceptance of a deed in lieu of foreclosure. Quaint Oak Insurance Agency, LLC is currently inactive. All significant intercompany balances and transactions have been eliminated. The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. Pursuant to the Bank's election under Section 10(l) of the Home Owners' Loan Act, the Company is a savings and loan holding company regulated by the Board of Governors of the Federal Reserve System. The market area served by the Bank's two branch offices includes Bucks, Montgomery, Lehigh and Northampton Counties, Pennsylvania, and northeast Philadelphia and the surrounding area. The principal deposit products offered by the Bank are certificates of deposit, passbook savings accounts, savings accounts and money market accounts. Loan products offered are fixed and adjustable rate residential and commercial mortgages, construction loans, home equity loans, auto loans, and lines of credit. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) for interim information and with the instructions to Form 10-Q, as applicable to a smaller reporting company. Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. The foregoing consolidated financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of December 31, 2015 have been derived from the audited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in Quaint Oak Bancorp's 2015 Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. Use of Estimates in the Preparation of Financial Statements. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Company's most significant estimates are the determination of the allowance for loan losses and valuation of deferred tax assets. Loans Receivable. Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Bank is generally amortizing these amounts over the contractual life of the loan. The loans receivable portfolio is segmented into residential loans, commercial real estate loans, construction loans and consumer loans. The residential loan segment has two classes: one-to-four family residential owner occupied loans and one-to-four residential family non-owner occupied loans. The commercial real estate loan segment consists of the following classes: multi-family (five or more) residential, commercial real estate and commercial lines of credit. Construction loans are generally granted for the purpose of building a single residential home. Commercial business loans are loans to businesses primarily for purchase of business essential equipment. Business essential equipment is equipment necessary for a business to support or assist with the day-to-day operation or profitability of the business. The consumer loan segment consists of the following classes: home equity loans and other consumer loans. Included in the home equity class are home equity loans and home equity lines of credit. Included in the other consumer are loans secured by saving accounts and auto loans. The accrual of interest is generally discontinued when principal or interest has become 90 days past due unless the loan is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management's judgment as to the collectability of principal. Generally, a loan is restored to accrual status when the obligation is brought current, it has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Allowance for Loan Losses. The allowance for loan losses represents management's estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans receivable. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company's past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower's ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are designated as impaired. For loans that are designated as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These significant factors may include changes in lending policies and procedures, changes in existing general economic and business conditions affecting our primary lending areas, credit quality trends, collateral value, loan volumes and concentrations, seasoning of the loan portfolio, recent loss experience in particular segments of the portfolio, duration of the current business cycle and bank regulatory examination results. The applied loss factors are re-evaluated quarterly to ensure their relevance in the current economic environment. Residential mortgage lending generally entails a lower risk of default than other types of lending. Consumer loans and commercial real estate loans generally involve more risk of collectability because of the type and nature of the collateral and, in certain cases, the absence of collateral. It is the Company's policy to establish a specific reserve for loss on any delinquent loan when it determines that a loss is probable. An unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan's effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company's impaired loans are measured based on the estimated fair value of the loan's collateral. A loan is identified as a troubled debt restructuring ("TDR") if the Company, for economic or legal reasons related to a debtor's financial difficulties, grants a concession to the debtor that it would not otherwise consider. Concessions granted under a TDR typically involve a temporary or permanent reduction in payments or interest rate or an extension of a loan's stated maturity date at less than a current market rate of interest. Loans identified as TDRs are designated as impaired. For loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower's overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for all loans (except one-to-four family residential owner-occupied loans) where the total amount outstanding to any borrower or group of borrowers exceeds $500,000, or when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans criticized as special mention have potential weaknesses that deserve management's close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. In addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management's comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Loans Held for Sale. Loans originated by the Bank's mortgage banking subsidiary, Quaint Oak Mortgage, LLC, are intended for sale in the secondary market and are carried at the lower of cost or fair value (LOCOM). Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. Federal Home Loan Bank Stock. Federal law requires a member institution of the Federal Home Loan Bank (FHLB) system to hold restricted stock of its district Federal Home Loan Bank according to a predetermined formula. FHLB stock is carried at cost and evaluated for impairment. When evaluating FHLB stock for impairment, its value is determined based on the ultimate recoverability of the par value of the stock. We evaluate our holdings of FHLB stock for impairment each reporting period. No impairment charges were recognized on FHLB stock during the three months ended March 31, 2016 and 2015. Bank Owned Life Insurance (BOLl). The Company purchases bank owned life insurance as a mechanism for funding various employee benefit costs. The Company is the beneficiary of these policies that insure the lives of certain officers of its subsidiaries. The Company has recognized the cash surrender value under the insurance policies as an asset in the consolidated statements of financial condition. Changes in the cash surrender value are recorded in non-interest income in the consolidated statements of income Other Real Estate Owned. Other real estate owned or foreclosed assets are comprised of property acquired through a foreclosure proceeding or acceptance of a deed in lieu of foreclosure and loans classified as in-substance foreclosures. A loan is classified as in-substance foreclosure when the Bank has taken possession of the collateral regardless of whether formal foreclosure proceedings take place. Other real estate properties are initially recorded at fair value, net of estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of cost or fair value less estimated costs to sell. Net revenue and expenses from operations and additions to the valuation allowance are included in other expenses. The Company has one one-to-four family residential non-owner occupied loan and one multi-family loan for which foreclosure proceedings are in process at March 31, 2016. The total recorded investment is $387,000. Share-Based Compensation. Compensation expense for share-based compensation awards is based on the grant date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. At March 31, 2016, the Company has three share-based plans: the 2008 Recognition and Retention Plan ("RRP"), the 2008 Stock Option Plan, and the 2013 Stock Incentive Plan. Awards under these plans were made in May 2008 and 2013. These plans are more fully described in Note 10. The Company also has an employee stock ownership plan ("ESOP"). This plan is more fully described in Note 10. As ESOP shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the average market price of the shares over the period earned. Comprehensive Income (Loss). Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the consolidated balance sheet and along with net income, are components of comprehensive income. Earnings per Share. Amounts reported in earnings per share reflect earnings available to common stockholders' for the period divided by the weighted average number of shares of common stock outstanding during the period, exclusive of unearned ESOP shares, unvested restricted stock (RRP) shares and treasury shares. Stock options and unvested restricted stock are regarded as potential common stock and are considered in the diluted earnings per share calculations to the extent they would have a dilutive effect if converted to common stock, computed using the "treasury stock" method. Recent Accounting Pronouncements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard). The Update's core principle is that a company will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, this update specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. This Update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is evaluating the effect of adopting this new accounting Update. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606). The amendments in this Update defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The Company is evaluating the effect of adopting this new accounting Update. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This Update applies to all entities that hold financial assets or owe financial liabilities and is intended to provide more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. Among other things, this Update (a) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (b) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (c) eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; (d) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (e) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (f) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (g) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (h) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For all other entities including not-for-profit entities and employee benefit plans within the scope of Topics 960 through 965 on plan accounting, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. All entities that are not public business entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of the standard will have on the Company's financial position or results of operations. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The standard requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. A short-term lease id defined as one in which: (a) the lease term is 12 months or less, and (b) there is not an option to purchase the underlying asset that the lessee is reasonably certain to exercise. For short-term leases, lessees may elect to recognize lease payments over the lease term on a straight-line basis. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. The amendments should be applied at the beginning of the earliest period presented using a modified retrospective approach with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact the adoption of the standard will have on the Company's financial position or results of operations. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718). The amendments in this Update affect all entities that issue share-based payment awards to their employees. The standards in this Update provide simplification for several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as with equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. In addition to those simplifications, the amendments eliminate the guidance in Topic 718 that was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment. This should not result in a change in practice because the guidance that is being superseded was never effective. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted for any entity in any interim or annual period. The Company is currently evaluating the impact the adoption of the standard will have on the Company's financial position or results of operations. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606). The amendments in this Update affect entities with transactions included within the scope of Topic 606, which includes entities that enter into contracts with customers to transfer goods or services in exchange for consideration. The amendments in this Update do not change the core principle for revenue recognition in Topic 606. Instead, the amendments provide (1) more detailed guidance in a few areas and (2) additional implementation guidance and examples based on feedback the FASB received from its stakeholders. The amendments are expected to reduce the degree of judgment necessary to comply with Topic 606, which the FASB expects will reduce the potential for diversity arising in practice and reduce the cost and complexity of applying the guidance. The amendments in this Update affect the guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The Company is currently evaluating the impact the adoption of the standard will have on the Company's financial position or results of operations. Reclassifications. Certain items in the 2015 consolidated financial statements have been reclassified to conform to the presentation in the 2016 consolidated financial statements. Such reclassifications did not have a material impact on the presentation of the overall financial statements. The reclassifications had no effect on net income or stockholders' equity. |
Note 2 - Stock Split |
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Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 2 – Stock Split On August 13, 2015, the Company's Board of Directors declared a two-for-one stock split in the form of a 100% stock dividend effective for shareholders of record on August 24, 2015 that was distributed on September 8, 2015. All per share amounts in this report have been restated to reflect this stock split. An amount equal to the par value of the additional common shares issued pursuant to the stock split was reflected as a transfer from additional paid-in capital to common stock on the consolidated financial statements as of the year ended December 31, 2015. |
Note 3 - Earnings Per Share |
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Earnings Per Share [Text Block] | Note 3 – Earnings Per Share Earnings per share ("EPS") consists of two separate components, basic EPS and diluted EPS. Basic EPS is computed based on the weighted average number of shares of common stock outstanding for each period presented. Diluted EPS is calculated based on the weighted average number of shares of common stock outstanding plus dilutive common stock equivalents ("CSEs"). CSEs consist of shares that are assumed to have been purchased with the proceeds from the exercise of stock options, as well as unvested restricted stock (RRP) shares. Common stock equivalents which are considered antidilutive are not included for the purposes of this calculation. For the three months ended March 31, 2016 and 2015 all unvested restricted stock program awards and outstanding stock options representing shares were dilutive. The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computations.
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Note 4 - Accumulated Other Comprehensive Income (Loss) |
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Comprehensive Income (Loss) Note [Text Block] | Note 4 – Accumulated Other Comprehensive Income (Loss) The following table presents the changes in accumulated other comprehensive income (loss) by component net of tax for the three months ended March 31, 2016 and 2015 (in thousands):
(1) All amounts are net of tax. Amounts in parentheses indicate debits. There were no amounts reclassified out of accumulated other comprehensive income (loss) for the three months ended March 31, 2016 and 2015. |
Note 5 - Investment in Interest-earning Time Deposits |
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Investments and Other Noncurrent Assets [Text Block] | Note 5 – Investment in Interest-Earning Time Deposits The investment in interest-earning time deposits as of March 31, 2016 and December 31, 2015, by contractual maturity, are shown below:
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Note 6 - Investment Securities Available for Sale |
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Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 6 – Investment Securities Available for Sale The amortized cost and fair value of investment securities available for sale at March 31, 2016 and December 31, 2015 are summarized below (in thousands):
The following table shows the Company's gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2016 and December 31, 2015 (dollar amounts in thousands):
At March 31, 2016, there was one security in an unrealized loss position that at such date had an aggregate depreciation of 0.17% from the Company's amortized cost basis. Management believes that the estimated fair value of the securities disclosed above is primarily dependent on the movement of market interest rates. Management evaluated the length of time and the extent to which the fair value has been less than cost and the financial condition and near term prospects of the issuer, including any specific events which may influence the operations of the issuer. The Company has the ability and intent to hold the securities until the anticipated recovery of fair value occurs. Management does not believe any individual unrealized loss as of March 31, 2016 represents an other-than-temporary impairment. There were no impairment charges recognized during the three months ended March 31, 2016 or 2015. |
Note 7 - Loans Receivable, Net and Allowance for Loan Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables [Text Block] | Note 7 - Loans Receivable, Net and Allowance for Loan Losses The composition of net loans receivable is as follows:
The following tables present the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of March 31, 2016 and December 31, 2015 (in thousands):
The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of March 31, 2016 as well as the average recorded investment and related interest income for the period then ended (in thousands):
The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of December 31, 2015 as well as the average recorded investment and related interest income for the year then ended (in thousands):
The loan portfolio also includes certain loans that have been modified in a troubled debt restructuring, where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from loss mitigation activities and could include reductions in the interest rate, payment extensions, forbearance, or other actions. At March 31, 2016 and December 31, 2015, the Company had nine loans totaling $776,000 and $781,000, respectively, that were identified as troubled debt restructurings. All nine of these loans were performing in accordance with their modified terms. If a TDR is placed on non-accrual it is not reverted back to accruing status until the borrower makes timely payments as contracted for at least six months and future collection under the revised terms is probable. The following tables present the Company's TDR loans as of March 31, 2016 and December 31, 2015 (dollar amounts in thousands):
The contractual aging of the TDRs in the table above as of March 31, 2016 and December 31, 2015 is as follows (in thousands):
During the three months ended March 31, 2016 there were no new loans identified as TDRs. Any reserve for an impaired TDR loan is based upon the present value of the future expected cash flows discounted at the loan's original effective rate or upon the fair value of the collateral less costs to sell, if the loan is deemed collateral dependent. At March 31, 2016 there were no commitments to lend additional funds to debtors whose loan terms have been modified as TDRs. The general practice of the Bank is to work with borrowers so that they are able to pay back their loan in full. If a borrower continues to be delinquent or cannot meet the terms of a TDR modification and the loan is determined to be uncollectible, the loan will be charged off. The Company did not have any troubled debt restructurings default within the three months ended March 31, 2016. Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the three months ended March 31, 2016 and recorded investment in loans receivable as of March 31, 2015 (in thousands):
Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the three months ended March 31, 2015 (in thousands):
Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the year ended December 31, 2015 and recorded investment in loans receivable as of December 31, 2015 (in thousands):
The Bank allocated increased allowance for loan loss provisions to the commercial real estate and lines of credit, the 1-4 family residential non-owner occupied, and the commercial business loans portfolio classes for the three months ended March 31, 2016, due to increased balances in these portfolio classes. The Bank allocated decreased allowance for loan loss provisions to the multi-family residential portfolio classes for the three months ended March 31, 2016, due to decreased activity in this portfolio class. The Bank allocated increased allowance for loan loss provisions to the 1-4 family residential non-owner occupied class for the three months ended March 31, 2015, due to increased charge-off activity in this portfolio class. The Bank allocated increased allowance for loan loss provisions to the commercial real estate and lines of credit and construction portfolio classes for the three months ended March 31, 2015, due to increased balances in these portfolio classes. The Bank allocated decreased allowance for loan loss provisions to the 1-4 family residential owner occupied portfolio classes for the three months ended March 31, 2015, due to decreased activity in this portfolio class. The following table presents nonaccrual loans by classes of the loan portfolio as of March 31, 2016 and December 31, 2015 (in thousands):
Non-performing loans, which consist of non-accruing loans plus accruing loans 90 days or more past due, amounted to $1.9 million and $852,000 at March 31, 2016 and December 31, 2015, respectively. For the delinquent loans in our portfolio, we have considered our ability to collect the past due interest, as well as the principal balance of the loan, in order to determine whether specific loans should be placed on non-accrual status. In cases where our evaluations have determined that the principal and interest balances are collectible, we have continued to accrue interest. For the three months ended March 31, 2016 and 2015 there was no interest income recognized on non-accrual loans on a cash basis. Interest income foregone on non-accrual loans was approximately $30,000 and $32,000 for the three months ended March 31, 2016 and 2015, respectively. The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the past due status as of March 31, 2016 and December 31, 2015 (in thousands):
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Note 8 - Deposits |
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Disclosure Text Block [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit Liabilities Disclosures [Text Block] | Note 8 – Deposits Deposits consist of the following classifications (in thousands):
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Note 9 - Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] | Note 9 – Borrowings Federal Home Loan Bank borrowings consist of the following at March 31, 2015 and December 31, 2015 (in thousands):
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Note 10 - Stock Compensation Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 10 – Stock Compensation Plans Employee Stock Ownership Plan The Company adopted an Employee Stock Ownership Plan (ESOP) during fiscal 2007 for the benefit of employees who meet the eligibility requirements of the plan. Using proceeds from a loan from the Company, the ESOP purchased 8%, or 222,180 shares of the Company's then outstanding common stock in the open market at an average price of $4.68 (split-adjusted) for a total of $1.0 million. The Bank makes cash contributions to the ESOP on a quarterly basis sufficient to enable the ESOP to make the required loan payments to the Company. The loan bears an interest rate of 7.75% per annum, with principal and interest to be paid quarterly in equal installments over 15 years. The loan is secured by the unallocated shares of common stock held by the ESOP. Shares of the Company's common stock purchased by the ESOP are held in a suspense account and reported as unallocated common stock held by the ESOP in stockholders' equity until released for allocation to participants. As the debt is repaid, shares are released from collateral and are allocated to each eligible participant based on the ratio of each such participant's base compensation to the total base compensation of eligible plan participants. As the unearned shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the average market value of the shares, and the shares become outstanding for earnings per share computations. During the three months March 31, 2016 and 2015 the Company recognized $43,000 and $36,000 of ESOP expense, respectively. Recognition & Retention Plan In May 2008, the shareholders of Quaint Oak Bancorp approved the adoption of the 2008 Recognition and Retention Plan (the "RRP") and Trust Agreement. In order to fund the RRP, the 2008 Recognition and Retention Plan Trust acquired 111,090 shares of the Company's stock in the open market at an average price of $4.68 totaling $520,000. In May 2013, the shareholders of Quaint Oak Bancorp approved the adoption of the 2013 Stock Incentive Plan (the "Stock Incentive Plan"). The Stock Incentive Plan provides that no more than 48,750, or 25%, of the shares may be granted as restricted stock awards. As of March 31, 2016, a total of 30,784 awards of restricted stock were unvested under the RRP and Stock Incentive Plan and up to 21,968 restricted stock awards were available for future grant under the Stock Incentive Plan and none under the RRP. The RRP and Stock Incentive Plan share awards have vesting periods from five to seven years. A summary of the status of the shares under the RRP and Stock Incentive Plan as of March 31, 2016 and 2015 and changes during the three months ended March 31, 2016 and 2015 is as follows:
Compensation expense on the restricted stock awards is recognized ratably over the five to seven year vesting period in an amount which is equal to the fair value of the common stock at the date of grant. During each of the three months ended March 31, 2016 and 2015, approximately $21,000 in compensation expense was recognized. A tax benefit of approximately $7,000 was recognized during each of these periods. As of March 31, 2016, approximately $178,000 in additional compensation expense will be recognized over the remaining service period of approximately 2.1 years. Stock Option Plan In May 2008, the shareholders of Quaint Oak Bancorp approved the adoption of the 2008 Stock Option Plan (the "Option Plan"). The Option Plan authorizes the grant of stock options to officers, employees and directors of the Company to acquire 277,726 shares of common stock with an exercise price no less than the fair market value on the date of the grant. The Stock Incentive Plan approved by shareholders in May 2013 covered a total of 195,000 shares, of which 48,750 may be restricted stock awards, for a balance of 146,250 stock options assuming all the restricted shares are awarded. For grants in May 2008, the Compensation Committee of the Board of Directors determined to grant the stock options at an exercise price equal to $5.00 per share (split-adjusted) which is higher than the fair market value of the common stock on the grant date. All incentive stock options issued under the Option Plan and the Stock Incentive Plan are intended to comply with the requirements of Section 422 of the Internal Revenue Code. As of March 31, 2016, a total of 341,726 grants of stock options were outstanding under the Option Plan and Stock Incentive Plan and 56,276 stock options were available for future grant under the Stock Incentive Plan and none under the Option Plan. Options will become vested and exercisable over a five to seven year period and are generally exercisable for a period of ten years after the grant date. A summary of option activity under the Company's Option Plan and Stock Incentive Plan of March 31, 2016 and 2015 and changes during the three months ended March 31, 2016 and 2015 is as follows:
During each of the three months ended March 31, 2016 and 2015, approximately $11,000 in compensation expense was recognized. A tax benefit of approximately $1,000 was recognized during each of these periods. As of March 31, 2016, approximately $96,000 in additional compensation expense will be recognized over the remaining service period of approximately 2.1 years. |
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | Note 11 – Fair Value Measurements and Fair Values of Financial Instruments Fair value estimates are based on quoted market prices, if available, quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions, and risk assumptions used. Therefore, fair value estimates may not be substantiated by comparison to independent markets and are not intended to reflect the proceeds that may be realizable in an immediate settlement of the instruments. Fair value is determined at one point in time and is not representative of future value. These amounts do not reflect the total value of a going concern organization. Management does not have the intention to dispose of a significant portion of its assets and liabilities and therefore, the unrealized gains or losses should not be interpreted as a forecast of future earnings and cash flows. The following disclosures show the hierarchal disclosure framework associated with the level of pricing observations utilized in measuring assets and liabilities at fair value. The three broad levels of pricing are as follows: Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. This hierarchy requires the use of observable market data when available. The following is a discussion of assets and liabilities measured at fair value on a recurring basis and valuation techniques applied: Investment Securities Available-For-Sale: The fair value of securities available for sale are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities' relationship to other benchmark quoted prices. We may be required from time to time to measure certain assets at fair value on a nonrecurring basis in accordance with U.S. GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. Impaired Loans: Impaired loans are carried at the lower of cost or the fair value of the collateral for collateral-dependent loans less estimated costs to sell. Collateral is primarily in the form of real estate. The use of independent appraisals, discounted cash flow models and management's best judgment are significant inputs in arriving at the fair value measure of the underlying collateral and impaired loans are therefore classified within level 3 of the fair value hierarchy. Other Real Estate Owned: Other real estate owned is carried at the lower of the investment in the real estate or the fair value of the real estate less estimated selling costs. The use of independent appraisals and management's best judgment are significant inputs in arriving at the fair value measure of the underlying collateral and therefore other real estate owned is classified within level 3 of the fair value hierarchy. The table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of March 31, 2016 (in thousands):
The table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of December 31, 2015 (in thousands):
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has used level 3 inputs to determine fair value as of March 31, 2016 and December 31, 2015 (in thousands):
The estimated fair values of the Company's financial instruments were as follows at March 31, 2016 and December 31, 2015 (in thousands):
The following methods and assumptions were used to measure the fair value of financial instruments recorded at cost on the Company's consolidated balance sheets: Cash and Cash Equivalents. The carrying amounts reported in the consolidated balance sheets for cash and short-term instruments approximate those assets' fair values. Interest-Earning Time Deposits. Fair values for interest-earning time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. The Company generally purchases amounts below the insured limit, limiting the amount of credit risk on these time deposits. Loans Held for Sale. Fair values of loans held for sale are based on commitments on hand from investors at prevailing market rates. Loans Receivable, Net. The fair values of loans are estimated using discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans with similar terms, the credit risk associated with the loan and market factors, including liquidity. The valuation of the loan portfolio reflects discounts that the Company believes are consistent with transactions occurring in the market place for both performing and distressed loan types. The carrying value that fair value is compared to is net of the allowance for loan losses and other associated premiums and discounts. Due to the significant judgment involved in evaluating credit quality, loans are classified with Level 3 of the fair value hierarchy. Accrued Interest Receivable. The carrying amount of accrued interest receivable approximates its fair value. Investment in Federal Home Loan Bank Stock. The carrying amount of restricted investment in Federal Home Loan Bank stock approximates fair value, and considers the limited marketability of such securities. Bank-Owned Life Insurance. The carrying amount of the investment in bank-owned life insurance approximates its cash surrender value under the insurance policies. Deposits. The carrying amount is considered a reasonable estimate of fair value for demand savings deposit accounts. The fair value of fixed maturity certificates of deposit is estimated by a discounted cash flow method using the rates currently offered for deposits of similar maturities. Federal Home Loan Bank Borrowings. Fair values of FHLB borrowings are estimated based on rates currently available to the Company for similar terms and remaining maturities. Accrued Interest Payable. The carrying amount of accrued interest payable approximates its fair value. Off-Balance Sheet Financial Instruments. Off-balance sheet financial instruments consist of commitments to extend credit. Fair values for commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreement and the present credit standing of the counterparties. The estimated fair value of the commitments to extend credit are insignificant and therefore are not presented in the above table. |
Accounting Policies, by Policy (Policies) |
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Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Financial Presentation. The consolidated financial statements include the accounts of Quaint Oak Bancorp, Inc. (the "Company") and its wholly-owned subsidiary, Quaint Oak Bank (the "Bank") along with its wholly-owned subsidiaries. At March 31, 2016, the Bank has five wholly-owned subsidiaries, Quaint Oak Mortgage, LLC, Quaint Oak Real Estate, LLC, Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, and QOB Properties, LLC, each a Pennsylvania limited liability company. The mortgage, real estate and abstract companies offer mortgage banking, real estate sales and title abstract services, respectively, and began operation in July 2009. QOB Properties, LLC began operations in July 2012 and holds Bank properties acquired through a foreclosure proceeding or acceptance of a deed in lieu of foreclosure. Quaint Oak Insurance Agency, LLC is currently inactive. All significant intercompany balances and transactions have been eliminated. The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. Pursuant to the Bank's election under Section 10(l) of the Home Owners' Loan Act, the Company is a savings and loan holding company regulated by the Board of Governors of the Federal Reserve System. The market area served by the Bank's two branch offices includes Bucks, Montgomery, Lehigh and Northampton Counties, Pennsylvania, and northeast Philadelphia and the surrounding area. The principal deposit products offered by the Bank are certificates of deposit, passbook savings accounts, savings accounts and money market accounts. Loan products offered are fixed and adjustable rate residential and commercial mortgages, construction loans, home equity loans, auto loans, and lines of credit. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) for interim information and with the instructions to Form 10-Q, as applicable to a smaller reporting company. Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. The foregoing consolidated financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of December 31, 2015 have been derived from the audited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in Quaint Oak Bancorp's 2015 Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Company's most significant estimates are the determination of the allowance for loan losses and valuation of deferred tax assets. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Receivable. Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Bank is generally amortizing these amounts over the contractual life of the loan. The loans receivable portfolio is segmented into residential loans, commercial real estate loans, construction loans and consumer loans. The residential loan segment has two classes: one-to-four family residential owner occupied loans and one-to-four residential family non-owner occupied loans. The commercial real estate loan segment consists of the following classes: multi-family (five or more) residential, commercial real estate and commercial lines of credit. Construction loans are generally granted for the purpose of building a single residential home. Commercial business loans are loans to businesses primarily for purchase of business essential equipment. Business essential equipment is equipment necessary for a business to support or assist with the day-to-day operation or profitability of the business. The consumer loan segment consists of the following classes: home equity loans and other consumer loans. Included in the home equity class are home equity loans and home equity lines of credit. Included in the other consumer are loans secured by saving accounts and auto loans. The accrual of interest is generally discontinued when principal or interest has become 90 days past due unless the loan is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management's judgment as to the collectability of principal. Generally, a loan is restored to accrual status when the obligation is brought current, it has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses. The allowance for loan losses represents management's estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans receivable. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company's past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower's ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are designated as impaired. For loans that are designated as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These significant factors may include changes in lending policies and procedures, changes in existing general economic and business conditions affecting our primary lending areas, credit quality trends, collateral value, loan volumes and concentrations, seasoning of the loan portfolio, recent loss experience in particular segments of the portfolio, duration of the current business cycle and bank regulatory examination results. The applied loss factors are re-evaluated quarterly to ensure their relevance in the current economic environment. Residential mortgage lending generally entails a lower risk of default than other types of lending. Consumer loans and commercial real estate loans generally involve more risk of collectability because of the type and nature of the collateral and, in certain cases, the absence of collateral. It is the Company's policy to establish a specific reserve for loss on any delinquent loan when it determines that a loss is probable. An unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan's effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company's impaired loans are measured based on the estimated fair value of the loan's collateral. A loan is identified as a troubled debt restructuring ("TDR") if the Company, for economic or legal reasons related to a debtor's financial difficulties, grants a concession to the debtor that it would not otherwise consider. Concessions granted under a TDR typically involve a temporary or permanent reduction in payments or interest rate or an extension of a loan's stated maturity date at less than a current market rate of interest. Loans identified as TDRs are designated as impaired. For loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower's overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for all loans (except one-to-four family residential owner-occupied loans) where the total amount outstanding to any borrower or group of borrowers exceeds $500,000, or when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans criticized as special mention have potential weaknesses that deserve management's close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. In addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management's comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale. Loans originated by the Bank's mortgage banking subsidiary, Quaint Oak Mortgage, LLC, are intended for sale in the secondary market and are carried at the lower of cost or fair value (LOCOM). Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. |
Federal Home Loan Bank Stock [Policy Text Block] | Federal Home Loan Bank Stock. Federal law requires a member institution of the Federal Home Loan Bank (FHLB) system to hold restricted stock of its district Federal Home Loan Bank according to a predetermined formula. FHLB stock is carried at cost and evaluated for impairment. When evaluating FHLB stock for impairment, its value is determined based on the ultimate recoverability of the par value of the stock. We evaluate our holdings of FHLB stock for impairment each reporting period. No impairment charges were recognized on FHLB stock during the three months ended March 31, 2016 and 2015. |
Bank Owned Life Insurance [Policy Text Block] | Bank Owned Life Insurance (BOLl). The Company purchases bank owned life insurance as a mechanism for funding various employee benefit costs. The Company is the beneficiary of these policies that insure the lives of certain officers of its subsidiaries. The Company has recognized the cash surrender value under the insurance policies as an asset in the consolidated statements of financial condition. Changes in the cash surrender value are recorded in non-interest income in the consolidated statements of income |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | Other Real Estate Owned. Other real estate owned or foreclosed assets are comprised of property acquired through a foreclosure proceeding or acceptance of a deed in lieu of foreclosure and loans classified as in-substance foreclosures. A loan is classified as in-substance foreclosure when the Bank has taken possession of the collateral regardless of whether formal foreclosure proceedings take place. Other real estate properties are initially recorded at fair value, net of estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of cost or fair value less estimated costs to sell. Net revenue and expenses from operations and additions to the valuation allowance are included in other expenses. The Company has one one-to-four family residential non-owner occupied loan and one multi-family loan for which foreclosure proceedings are in process at March 31, 2016. The total recorded investment is $387,000. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation. Compensation expense for share-based compensation awards is based on the grant date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. At March 31, 2016, the Company has three share-based plans: the 2008 Recognition and Retention Plan ("RRP"), the 2008 Stock Option Plan, and the 2013 Stock Incentive Plan. Awards under these plans were made in May 2008 and 2013. These plans are more fully described in Note 10. The Company also has an employee stock ownership plan ("ESOP"). This plan is more fully described in Note 10. As ESOP shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the average market price of the shares over the period earned. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss). Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the consolidated balance sheet and along with net income, are components of comprehensive income. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share. Amounts reported in earnings per share reflect earnings available to common stockholders' for the period divided by the weighted average number of shares of common stock outstanding during the period, exclusive of unearned ESOP shares, unvested restricted stock (RRP) shares and treasury shares. Stock options and unvested restricted stock are regarded as potential common stock and are considered in the diluted earnings per share calculations to the extent they would have a dilutive effect if converted to common stock, computed using the "treasury stock" method. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard). The Update's core principle is that a company will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, this update specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. This Update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is evaluating the effect of adopting this new accounting Update. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606). The amendments in this Update defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The Company is evaluating the effect of adopting this new accounting Update. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This Update applies to all entities that hold financial assets or owe financial liabilities and is intended to provide more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. Among other things, this Update (a) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (b) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (c) eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; (d) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (e) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (f) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (g) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (h) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For all other entities including not-for-profit entities and employee benefit plans within the scope of Topics 960 through 965 on plan accounting, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. All entities that are not public business entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of the standard will have on the Company's financial position or results of operations. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The standard requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. A short-term lease id defined as one in which: (a) the lease term is 12 months or less, and (b) there is not an option to purchase the underlying asset that the lessee is reasonably certain to exercise. For short-term leases, lessees may elect to recognize lease payments over the lease term on a straight-line basis. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. The amendments should be applied at the beginning of the earliest period presented using a modified retrospective approach with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact the adoption of the standard will have on the Company's financial position or results of operations. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718). The amendments in this Update affect all entities that issue share-based payment awards to their employees. The standards in this Update provide simplification for several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as with equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. In addition to those simplifications, the amendments eliminate the guidance in Topic 718 that was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment. This should not result in a change in practice because the guidance that is being superseded was never effective. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted for any entity in any interim or annual period. The Company is currently evaluating the impact the adoption of the standard will have on the Company's financial position or results of operations. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606). The amendments in this Update affect entities with transactions included within the scope of Topic 606, which includes entities that enter into contracts with customers to transfer goods or services in exchange for consideration. The amendments in this Update do not change the core principle for revenue recognition in Topic 606. Instead, the amendments provide (1) more detailed guidance in a few areas and (2) additional implementation guidance and examples based on feedback the FASB received from its stakeholders. The amendments are expected to reduce the degree of judgment necessary to comply with Topic 606, which the FASB expects will reduce the potential for diversity arising in practice and reduce the cost and complexity of applying the guidance. The amendments in this Update affect the guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The Company is currently evaluating the impact the adoption of the standard will have on the Company's financial position or results of operations. |
Reclassification, Policy [Policy Text Block] | Reclassifications. Certain items in the 2015 consolidated financial statements have been reclassified to conform to the presentation in the 2016 consolidated financial statements. Such reclassifications did not have a material impact on the presentation of the overall financial statements. The reclassifications had no effect on net income or stockholders' equity. |
Note 3 - Earnings Per Share (Tables) |
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Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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Note 4 - Accumulated Other Comprehensive Income (Loss) (Tables) |
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Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
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Note 5 - Investment in Interest-earning Time Deposits (Tables) |
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Investments in Interest-Earning Time Deposits by Contractual Maturity [Table Text Block] |
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Note 6 - Investment Securities Available for Sale (Tables) |
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Available-for-sale Securities [Table Text Block] |
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Schedule of Unrealized Loss on Investments [Table Text Block] |
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Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Tables) |
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Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
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Financing Receivable Credit Quality Indicators [Table Text Block] |
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Impaired Financing Receivables [Table Text Block] |
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Troubled Debt Restructurings on Financing Receivables [Table Text Block] |
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Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] |
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Schedule of Financing Receivables, Non Accrual Status [Table Text Block] |
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Past Due Financing Receivables [Table Text Block] |
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Note 8 - Deposits (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Deposits [Table Text Block] |
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Note 9 - Borrowings (Tables) |
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Note 9 - Borrowings (Tables) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] |
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Note 10 - Stock Compensation Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] |
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Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
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Note 11 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] |
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Fair Value Inputs, Assets, Quantitative Information [Table Text Block] |
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Fair Value, by Balance Sheet Grouping [Table Text Block] |
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Note 2 - Stock Split (Details) |
Aug. 13, 2015 |
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Stockholders' Equity Note [Abstract] | |
Common Stock, Dividend Rate, Percentage | 100.00% |
Note 3 - Earnings Per Share (Details) - Weighted Average Shares Used in Basic and Dilutive Earnings Per Share Computations - USD ($) |
3 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Weighted Average Shares Used in Basic and Dilutive Earnings Per Share Computations [Abstract] | ||
Net Income (in Dollars) | $ 239,000 | $ 209,000 |
Weighted average shares outstanding – basic | 1,754,326 | 1,703,588 |
Effect of dilutive common stock equivalents | 101,187 | 148,626 |
Adjusted weighted average shares outstanding – diluted | 1,855,513 | 1,852,214 |
Basic earnings per share (in Dollars per share) | $ 0.14 | $ 0.13 |
Diluted earnings per share (in Dollars per share) | $ 0.12 | $ 0.12 |
Note 4 - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) |
3 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Disclosure Text Block [Abstract] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | $ 0 |
Note 4 - Accumulated Other Comprehensive Income (Loss) (Details) - Changes in Accumulated Other Comprehensive Loss - USD ($) |
3 Months Ended | ||||
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at the beginning of the period | $ (12,000) | ||||
Amount reclassified from accumulated other comprehensive income (loss) | 0 | $ 0 | |||
Balance at the end of the period | 6,000 | ||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at the beginning of the period | [1] | (12,000) | (36,000) | ||
Other comprehensive income before classifications | [1] | 18,000 | 3,000 | ||
Amount reclassified from accumulated other comprehensive income (loss) | [1] | 0 | 0 | ||
Total other comprehensive income | [1] | 18,000 | 3,000 | ||
Balance at the end of the period | [1] | $ 6,000 | $ (33,000) | ||
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Note 5 - Investment in Interest-earning Time Deposits (Details) - Investment in Interest-earning Time Deposits - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
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Investment in Interest-earning Time Deposits [Abstract] | ||
Due in one year or less | $ 4,101 | $ 3,585 |
Due after one year through five years | 2,045 | 2,551 |
$ 6,146 | $ 6,136 |
Note 6 - Investment Securities Available for Sale (Details) |
3 Months Ended | ||
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Mar. 31, 2016
USD ($)
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Mar. 31, 2015
USD ($)
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Dec. 31, 2015 |
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Investments, Debt and Equity Securities [Abstract] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 | 3 | |
Percentage of Aggregate Depreciation Held by Debt Securities | 0.17% | ||
Other than Temporary Impairment Losses, Investments | $ 0 | ||
Asset Impairment Charges | $ 0 | $ 0 |
Note 8 - Deposits (Details) - Summary of Deposits - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
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Note 8 - Deposits (Details) - Summary of Deposits [Line Items] | ||
Non-interest bearing checking accounts | $ 2,871 | $ 2,407 |
Money market accounts | 26,098 | 26,571 |
Certificates of deposit | 119,160 | 115,791 |
Total deposits | 152,672 | 149,229 |
Passbook Accounts [Member] | ||
Note 8 - Deposits (Details) - Summary of Deposits [Line Items] | ||
Interest bearing deposits, savings | 1,343 | 1,185 |
Savings Accounts [Member] | ||
Note 8 - Deposits (Details) - Summary of Deposits [Line Items] | ||
Interest bearing deposits, savings | $ 3,200 | $ 3,275 |
Note 9 - Borrowings (Details) - Federal Home Loan Bank Long-term Borrowings - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
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Federal Home Loan Bank Long-term Borrowings [Abstract] | ||
Short-term borrowings | $ 6,000 | $ 6,000 |
Short-term borrowings | 0.46% | 0.45% |
Fixed rate borrowings maturing: | ||
2016 | $ 1,000 | $ 1,000 |
2016 | 0.88% | 0.88% |
2017 | $ 2,500 | $ 2,500 |
2017 | 1.15% | 1.15% |
2018 | $ 3,000 | $ 3,000 |
2018 | 1.46% | 1.46% |
2019 | $ 1,000 | $ 1,000 |
2019 | 2.02% | 2.02% |
Total FHLB long-term debt | $ 7,500 | $ 7,500 |
Total FHLB long-term debt | 1.35% | 1.35% |
Note 10 - Stock Compensation Plans (Details) - Status of Shares under the RRP and Stock Incentive Plan - Restricted Stock [Member] - $ / shares |
3 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Note 10 - Stock Compensation Plans (Details) - Status of Shares under the RRP and Stock Incentive Plan [Line Items] | ||
Unvested at the beginning of the period | 30,784 | 41,966 |
Unvested at the beginning of the period | $ 8.10 | $ 8.09 |
Granted | 0 | 0 |
Granted | $ 0 | $ 0 |
Vested | 0 | 0 |
Vested | $ 0 | $ 0 |
Forfeited | 0 | 0 |
Forfeited | $ 0 | $ 0 |
Unvested at the end of the period | 30,784 | 41,966 |
Unvested at the end of the period | $ 8.10 | $ 8.09 |
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Estimated Fair Values of Financial Instruments - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
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Financial Assets | ||
Investment securities available for sale | $ 4,995 | $ 3,005 |
Accrued interest receivable | 1,025 | 983 |
Bank-owned life insurance | 3,660 | 3,638 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 14,044 | 17,206 |
Accrued interest receivable | 1,025 | 983 |
Investment in FHLB stock | 618 | 618 |
Bank-owned life insurance | 3,660 | 3,638 |
Financial Liabilities | ||
Deposits | 33,512 | 33,438 |
FHLB short-term borrowings | 6,000 | 6,000 |
Accrued interest payable | 122 | 123 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets | ||
Investment securities available for sale | 4,995 | 3,005 |
Loans held for sale | 2,830 | 5,244 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets | ||
Investment in interest-earning time deposits | 6,208 | 6,206 |
Loans receivable, net | 151,787 | 145,134 |
Financial Liabilities | ||
Deposits | 120,677 | 117,206 |
FHLB long-term borrowings | 7,541 | 7,479 |
Reported Value Measurement [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 14,044 | 17,206 |
Investment in interest-earning time deposits | 6,146 | 6,136 |
Investment securities available for sale | 4,995 | 3,005 |
Loans held for sale | 2,718 | 5,064 |
Loans receivable, net | 150,125 | 143,305 |
Accrued interest receivable | 1,025 | 983 |
Investment in FHLB stock | 618 | 618 |
Bank-owned life insurance | 3,660 | 3,638 |
Financial Liabilities | ||
Deposits | 152,672 | 149,229 |
FHLB short-term borrowings | 6,000 | 6,000 |
FHLB long-term borrowings | 7,500 | 7,500 |
Accrued interest payable | 122 | 123 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 14,044 | 17,206 |
Investment in interest-earning time deposits | 6,208 | 6,206 |
Investment securities available for sale | 4,995 | 3,005 |
Loans held for sale | 2,830 | 5,244 |
Loans receivable, net | 151,787 | 145,134 |
Accrued interest receivable | 1,025 | 983 |
Investment in FHLB stock | 618 | 618 |
Bank-owned life insurance | 3,660 | 3,638 |
Financial Liabilities | ||
Deposits | 154,189 | 150,644 |
FHLB short-term borrowings | 6,000 | 6,000 |
FHLB long-term borrowings | 7,541 | 7,479 |
Accrued interest payable | $ 122 | $ 123 |
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